Pfizer Q3 Results Raise 2026 Guidance
Pfizer Q3 results raised 2026 revenue and EPS guidance as non-COVID and acquired product growth plus cost cuts bolster near-term investor sentiment.
KEY TAKEAWAYS
- Raised 2026 revenue to $62.0B-$64.0B and adjusted EPS to $2.95-$3.05.
- Non-COVID and launched/acquired products powered operational growth and offset COVID declines.
- Cecile Guegan became CFO effective Nov. 1, 2026.
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Pfizer Inc. reported third-quarter 2026 results on Nov. 3, 2026, and raised its full-year guidance. The company said growth in non-COVID and launched and acquired products, along with cost reductions, offset declines in COVID-related sales. Cecile Guegan became chief financial officer and executive vice president effective Nov. 1.
Quarterly Results and Guidance
Pfizer reported third-quarter revenue of $16.6 billion for the quarter ended Sept. 27, 2026, describing revenue as relatively flat on an operational basis. Adjusted diluted earnings per share (EPS) was $0.87 on adjusted earnings of $5 billion. Reported net income was $3.2 billion, or $0.56 reported diluted EPS, compared with $3.5 billion and $0.62 in the year-ago quarter.
The company raised its 2026 revenue guidance to $62 billion–$64 billion and narrowed adjusted diluted EPS guidance to $2.95–$3.05, increasing the revenue midpoint by about $1.5 billion. The outlook includes a one-time $650 million acquired in-process research and development (R&D) charge related to Pfizer’s Innovent Biologics in-licensing and collaboration agreement, which reduces adjusted diluted EPS by approximately $0.10. Management attributed the revision to strong year-to-date performance, commercial momentum, operational discipline, and ongoing cost-saving initiatives.
Product Mix and Cost Reductions
Excluding the COVID vaccines Comirnaty and Paxlovid, Pfizer’s revenue grew 7% operationally. Launched and acquired products expanded 32% year over year on an operational basis. The company also expanded its cost-reduction program, targeting approximately $9.7 billion in net savings through 2029.
At the product level, Comirnaty revenue declined $339 million, or 29%, and Paxlovid revenue fell $771 million, or 63%, year over year. These decreases were partly offset by gains in other products, with Eliquis revenue rising $513 million, or 25%, and Padcev increasing $255 million, or 55%.
CFO Transition and Earnings Call
Cecile Guegan was appointed CFO and executive vice president effective Nov. 1, 2026. She had served as interim CFO since August after Dave Denton left to become Nike’s CFO. Pfizer scheduled a third-quarter earnings conference call and webcast for Nov. 3, 2026.
